NIGERIANS are passing through a survivalist phase as they are daily confronted by skyrocketing prices of goods. Cost of living is at an all time high owing to the high rate of inflation sweeping through the economy.

Prices of most consumer and non-consumer items have soared out of the reach of the average Nigerian family, and there are few signs that things will get better anytime soon.

A recent Vanguard market survey revealed that prices of most staple food items and consumer goods have risen significantly. For instance, a bag of locally produced rice which sold for N9,000 in December now sells for N13, 000, while some of the imported varieties now sell between N14,000 and N15,000.

Also a big basin of the popular staple, gari, which previously sold for N1,500 now sells for N2,000, while one bucket of it which was selling for N200 now sells for N500.

Prices of other food items like beans, bread, wheat flour, groundnut oil, palm oil, vegetables, yam, noodles, fish, meat, tomatoes and pepper, and others, have risen sharply. Even sachet water (“pure water”) which for years sold for N5 now wears a new price tag of N10.

To compound matters, Nigeria is currently experiencing another  petroleum products supply crisis. Only few filling stations have products in stock and consequently have been selling at well over the official pump prices. The scarcity of petrol has also triggered a thriving black market, which sell to the public at exorbitant prices.

The inflationary trend has since been acknowledged by the National Bureau of Statistics (NBS) which recently declared that the current Consumer Price Index (CPI), indicates a double digit inflation rate, the worst in three years.

The combination of soaring prices of goods, lingering fuel scarcity and the prevailing poor electricity supply has left Nigerians reeling in pain.

Nigerians are looking up to the President Muhammadu Buhari-led Federal Government to urgently introduce measures to address the situation. It is an obligation it owes the suffering masses and it should not wait until the situation gets out of hand.

The prevailing harrowing economic atmosphere is a great test of the Buhari administration’s capacity to govern effectively and solve problems lying before it, and Nigerians are tired of blame games.

We call on the Federal Government to expedite action on the passage of the 2016 Appropriation Bill into law and allow money to come into the system. The time has come for it to activate its economic agenda in full to provide succour to the people.

“Magic wands” are not required for effective governance. We expect government to be more coordinated and focused to bring the dividends of good governance to the people.